Soya prices have been climbing fast and this week were trading at more than £500/t ex-Glasgow with the volatility set to continue, according to those in the know.

The Chicago soyabean futures closed at $543/t on Tuesday which is 17% higher than the same date last year. This price is however, still some way off the soyabean price peak of more than $600/t at the end of February, with the outbreak of war between Russia and Ukraine. Much of this was down to a tightening of supply of global vegetable oil, with Russia and Ukraine accounting for around 76% of global sun oil exports.

Other key factors driving price movements in recent months have been Ukrainian planting and export news, as well as the Indonesian crude palm oil export restrictions. These export restrictions have nevertheless been eased and Malaysia is entering their peak production season.

Megan Hesketh, cereals and oilseeds analyst at AHDB said: “Soyabean prices have seen some pressure in the past month, though continues to move on with US reports of hot and dry weather putting crop conditions and yields under review as harvest starts.

“However, the US area being harvested is larger year-on-year, and large South American crops are expected to be planted this year. As such AHDB is slightly more bearish in their outlook for soyabeans going forward.

“Demand too is a key watchpoint, considering difficult global economic performance. China has been buying in the past week or so, but they are forecasted to import less this season.”